The total amount accrued, principal plus interest, from simple interest on a principal of $60.00 at a rate of 5% per year for 12 years is $96.
Step-by-step explanation:
Given
Principle P = $60
Rate r = 5% = 5/100 = 0.05
Time period t = 12 years
To determine
New Balance A = ?
Using the formula
A = P(1 + rt)
A = 60(1+(0.05×12))
A = $96.00
Therefore, the total amount accrued, principal plus interest, from simple interest on a principal of $60.00 at a rate of 5% per year for 12 years is $96.
